Associated Chambers of Commerce and Industry of India (Assocham), an industry body that represents over 450,000 companies and establishments, published an alarming study yesterday which concluded only 7 percent of graduates passing out of Indian B-Schools are actually employable, including those who aspire a career in investment banking. Of the 5500 B-Schools, only a handful including the IIM’s and ISB provide an education that is both relevant and timely. Students graduating from schools outside this group earn an average of Rs 8000- Rs 10,000 a month. And in the two years alone, over 220 business schools have shut down; 120 are expected to shut down in 2016.
Why? Lack of quality infrastructure, poor faculty and outdated curriculum are to blame along with an attitude that an ‘MBA’ or ‘Degree’ is worth more than the knowledge one gains when in reality most of these degrees are not even worth the price of the paper they are printed on. Yet students flock to unknown colleges that have dubious alliances with foreign universities, those that lure students with their fancy brochures not once discussing the quality of faculty or infrastructure. Students in return, are happy to sit back and do no work because they believe a ‘certificate’ will open the gates to a better career without doing a lick of due diligence to find out if in fact the school has in fact reputable teachers or a relevant course curriculum. Curriculum in these universities usually extends to old textbooks that lecture, not teach, outdated concepts. They throw in a few buzz words like ‘start up’ to imply relevance yet most students to come to Imarticus after doing an MBA do not know how to use PowerPoint or Excel, have never worked in groups and so don’t understand the concept of teamwork, and have no sense of deadlines or accountability. Ergo, they are completely unemployable.
For a country that is expecting to touch double digit growth and wants to foster a culture of dynamism and opportunity using ambitious campaigns like MAKE IN INDIA, and revels in its youth and start up culture, this is a dismal state of affairs that is only going to expand the massive skill gap which will snowball into increased unemployment numbers as well as create a critical shortage in skilled manpower across Industry.
This scenario is what led to the forming of Imarticus Learning. Our vision was to bridge the massive gap between Industry and Academia using an Industry endorsed curriculum developed by domain specialists that cater to specific job requirements, and boosting investment banking careers. Moreover this curriculum would be taught by faculty with significant work experience in these roles, creating an experiential learning environment that ensures making the students more employable.